German Online Broker Consors Hopes
New Bank Will Yield Access to IPOs

FRANKFURT -- Consors Discount-Broker AG is placing a risky bet that a new investment bank will help it remain competitive in Europe's crowded online-brokerage market.

Europe's second-largest online broker unveiled plans to build from scratch an investment bank for the New Economy. Consors will spend several million euros over the next year to get the unit up and running.